🏅RECAP AMA EPID COMMUNITY x XEND FINANCE

EPID is Hosting an AMA with Xend Finance
🕖AMA Timing : 6th February 5 AM UTC | 12AM (GMT +7)
🏚Venue For AMA: @EPID_Community_VN
💰Reward Pool : 100 USDT

➡️Segment 1: Project Introduction

Q1: Can you give a brief introduction of what Xend Finance is?What is it aiming to do, and what it intends to solve in this industry?

A:
Xend Finance is the first decentralized Finance (DeFi) platform for Credit Unions and Cooperatives. It is built to optimize, improve and value the core operations of credit unions globally, regardless of geographical locations and the home country’s currency. With Xend Finance, users can save and earn interest in stable currency (such as DAI, BUSD). It is decentralizing saving, borrowing, lending and investment operations of credit unions as well as providing multi-interest returns to members of the credit union. The Xend Finance platform eliminates traditional finance middlemen, while earning up to 15% annual percentage yield (APY) on members’ savings.

Xend finance helps to protect assets of people who live in regions where the economies are unstable and hence face steady devaluations of their local currencies.

Q2: Can you share some of your background and experience? How did you know and get involved in cryptocurrency? What made you decide to found Xend Finance?

A:
I Studied in the University of Nigeria and built a home automation system while in school. Our design has the
highest reads in the history of University of Nigeria
https://www.researchgate.net/publication/279179486_Design_of_a_Home_Automation_System_Using_Arduino

I have worked in KPMG Nigeria where I did vulnerability assessment and penetration tests. I love working on the blockchain and building software that directly controls hardware like firmware and operating systems.
I started building on the blockchain in 2016. My colleague in Finland told me about the Ethereum blockchain and that it was programmable so I started playing around with it. I also got fascinated about Blockchain.info’s wallet design so it inspired me to build my own Bitcoin wallet from ground up.
I have since added more coins to the wallet and also setup my own nodes to ensure I have full control.
I have developed different projects on the blockchain including games and decentralized storage apps.

I decided to found Xend Finance because we experienced 3 massive currency devaluations in the last 3 years in Nigeria and this is similar to different economies in the world with unstable economies. My mother and I belong to different cooperatives where we save and make monthly contributions(Esusu) to help one another in the cooperative. Realizing that despite saving regularly, we were becoming poorer and losing more value for our money.
This gave birth to Xend Finance. Xend Finance is built to save our money in a decentralized stable currency (DAI) and also earn interest in that stable currency, hence protecting our assets. It is also designed to extend our contribution strategy called Esusu to a much larger audience without the fear of defaulting and also with the advantage of very high returns.

Q3: Currently, there are many scam projects that cause investors to lose. So, Why we should choose and trust Xend Finance?

A:
Xend Finance belongs to the Xend ecosystem which has over 55,000 users currently. Xend has been in existence since 2019.. Our ecosystem already consists of the Xend ( application for sending and receiving money online and offline) and Geena ( business and analytics tool used by SMEs).
We are also backed by very notable investors like Binance, AU21 Capital, TRGC, Block VC, Amplifi VC and other great investors.
Xend finance is unique based on the audience we are targeting. We are targeting non-crypto savvy users and financially underserved users in different regions of the world including Africa.

Q4: Can you tell me more and everyone here about Xend ecosystem?

A:
So the Xend Ecosystem is made up of
1. Xend: This is a service that allows users to send and receive money online and offline. Currently works in Nigeria and will be supporting multiple currencies by Q2: https://xend.africa/
2. Geena: Geena is a merchant’s business tool used to track inventory, manage expenses, gain analytical information on business, integrated with an e-commerce platform that allows merchants to receive payments in local and cryptocurrency. https://geena.xend.africa/
3. Xend Finance: This is the DeFi platform for credit unions and cooperatives. https://xend.finance/

Q5: What is a mission of project?

A:
Our mission at Xend Finance is to improve the traditional financial operating mechanisms used by credit unions and cooperatives by leveraging DeFi.

➡️Segment 2: Question From Twitter

Q1:
@Halady251
What makes Xend Finance stand out and be different from similar projects ?

A:
Xend finance is unique based on the audience we are targeting. We are targeting non-crypto savvy users and financially underserved users in different regions of the world including Africa. Xend Finance belongs to the Xend ecosystem which has over 55,000 users currently. Our ecosystem already consists of the Xend ( application for sending and receiving money online and offline) and Geena ( business and analytics tool used by SMEs). We will be onboarding these users to DeFi.

Xend Finance is also building an SDK that abstracts the complexity of the blockchain away and enables both web 2.0 and web 3.0 applications to easily plug into DeFi and bring their existing users into DeFi.
We do not intend to directly compete with existing DeFi projects because they target only the crypto-savvy users who are few in number. We actually integrate them to give more value to our target audience.
Xend Finance is a global project that allows anyone from any region of the world to plug in. Xend Finance is a platform that other financial services will be building on and that is why we are deploying an SDK. This will enable us to acquire users of existing platforms that want to give their users access to the values DeFi has to offer like higher APYs and access to earn in stable currencies as opposed to unstable local/fiat currencies.

Q2:
@levispham2
Do you create any tokenburn roadmaps for increasing the token value for customer benefits?

A:
Token burn is part of our current token utility mechanism

Q3:
@ZainShin1
What problems does your project focus on solving to make it easier for Crypto users? Do you have a progress in line with your roadmap?

A:
We currently focus on making transactions very fast and cheap that that is why we built a version on Binance Smart Chain. Yes we have made a lot of progress. We have our testnet running now on Binance Smart Chain: https://testnet.xend.finance/ .
You can get more information on our progress by checking out our community: https://t.me/xendFinance

Q4:
@Cristubista
What requirements are necessary to be part of the governance in Xend Finance?

A:
You need to have up to 500,000 $XEND to be a part of governance

Q5:
@datme14
Holders of $XEND tokens will be given incentives on investing in real estate which can include discounts on investments and loans,what are the terms to acceed to these features, are they limited?

A:
I don’t think this question is accurate. There is no incentive on investing in real estate as we don’t deal with real estate. Users are rewarded with $XEND token when they perform operations such as savings. The reward distribution can be found on the Litepaper

➡️Segment 3: Free asking

Q1: @jackytran123
Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform???

A:
The feature I like best about our platform is the Esusu feature. This feature is a savings strategy that was believed to have started in Africa over a century ago and we have been able to build out this strategy efficiently on the blockchain.

Xend finance is unique based on the audience we are targeting. We are targeting non-crypto savvy users and financially underserved users in different regions of the world including Africa.

We currently have over 55,000 users are going to be onboarded once we go live. We have partnered with different credit unions with total number of over 1.2 million members only in Nigeria. We have a very good growth trajectory and we are super excited about what the future holds.

Q2: @jackytran123
Many new projects develop well at first, but then fail to achieve good results. How will you manage and develop your project to gain a position in the market and become a good project in the blockchain industry?

A:
We will develop our project to gain a position in the market and become a very good project by building a great community. Every project can make an impact with a great community. We plan on starting our Xend Developer community to teach developers how to build on the blockchain and also how to integrate our SDKs into their already existing applications to give those applications DeFi capabilities. This community should kick off in Q2/Q3 2021 and this will lead to a successful growth of Xend Finance

Q3: @moikom
As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?

A:
All our team members are based in Nigeria and we work both remotely and on site depending on the preference of the team member. We are very flexible and have ensured continuous team bonding and growth despite the pandemic and this has lead to a high growth and efficient team.

Q4: @rimkimiu
Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?

A:
Our project is not a local project. We had over 1,500 participants on our testnet from 75 countries. Our project us born in Nigeria but is for the entire world. You can learn more about the testnet participation here: https://medium.com/xendfinance/week-3-xend-finance-incentivized-testnet-wrap-up-14ad8471ffc7

Q5: @Tinhs2k19
HACKATHON and BUG BOUNTIES are used to clearly examine Smart Contracts and identify any unsuspected Security breaches, do your have plans for HACKATHON or BUG BOUNTY so as to check the SECURITY of your Smart Contracts?

A:
Yes. We have plans for this. Our code has been audited but we will be making it open source and will also announce bug bounties. We had bug bounties for our testnet and it was awesome. We found so many bugs and fixed them because of our community members that participated. We will do the same for mainnet.

We got to a point where people could not find any more bugs but with an ever evolving platform, this is a good strategy to employ

Thank you for the support and enthusiastic participation of the community!
Telegram: https://t.me/EPID_Community_VN
Twitter: https://twitter.com/epid_community?s=21
EPID NewS: https://t.me/EPID_NewS

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